Dover, DE -- (SBWIRE) -- 03/30/2016 -- Bioadhesive Market Size was estimated at over 750 Kilo tons in 2015 and is likely to exceed 2.0 Million tons by 2023. This industry is likely to grow at over 12% up to 2023.

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Green adhesive market size, in terms of revenue, was valued over USD 850 Million in 2015 and is likely to be worth more than USD 2.5 Billion by 2023. Europe bioadhesive market size was estimated at over 320 Kilo tons in 2014 and is likely to continue its dominance over the forecast period. Government norms towards adopting bio-based products are likely to drive regional demand. Packaging & paper application accounted for more than 38% of the total consumption in Europe. Personal care applications are likely to gain significant rates with CAGR of above 12.5% up to 2023.

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U.S. bioadhesive market share accounted for more than 80% of global revenue in 2014. Canada is likely to witness significant growth rates in North America up to 2023. Asia Pacific green adhesive market is likely to witness highest gains with an estimated CAGR of over 14% from 2016 to 2023. North America is likely to grow at above average growth rate over the forecast period.

Packaging & paper was the dominant application segment and accounted for more than 37% in 2014. Construction segment was the second largest application and are likely to witness significant growth rates. Medical applications accounted for less than 10% of the market share and are likely to witness highest gains with an estimated CAGR of over 13.5% up to 2023.

Plants were the largest source for green adhesives and accounted for more than 85% of the share in 2014. Animal based products likely to witness steady growth rates with an estimated CAGR of over 13% up to 2023. Raw material will play a critical role in determining bioadhesive market price trend.

Growing awareness towards sustainable packaging from bio based sources owing to depleting conventional resources is likely to favor growth. It is used in various sustainable packaging applications such as cigarettes & filters, printed sheet laminations, specialty and flexible packaging. Increasing packaging applications from frozen food industry is also likely to drive market.

Abundant availability of raw materials such as soy, corn and starch is likely to favor green adhesive market growth and is likely to counter volatile crude oil prices. They are likely to maintain steady market pricing owing to consistent supply of plant and animal based raw materials.

Increase in construction spending is likely to support growth. They are used in construction applications such as pavements, waste management systems, cladding panels and pipes. Emerging regions such as Asia Pacific and MEA are expected to be significant potential markets. Chinese construction spending was estimated at around USF 1.78 trillion in 2013 whereas India's spending was estimated at USD 427 Billion in the same year. This provides for huge opportunities for market expansion for multinational players in emerging economies over the forecast period as Asia Pacific is likely to dominated construction sector by 2018.

Green adhesive trends are gaining importance in the medical industry owing to their applications such as transdermal drug delivery; skin bonded monitoring devices, wound care dressing and surgeries. They are gaining wide popularity to substitute surgical sutures.

Lower shelf life is one disadvantage where industry participants need to act on by developing novel technologies to develop improved bioadhesives. Companies such as Henkel and Dow are investing significantly to develop 100% renewable content adhesives.

North America was the second largest region and the growth is likely to be driven by initiatives from regulatory bodies such as CEC (Commission for Central Corporation) and EPA (Environmental Protection Agency).

Companies are investing significantly are involved in continuous research to develop products and broaden current application scope. The global bioadhesive market share is moderately consolidated and is characterized by large scale and small scale manufacturers. Companies involved in this market include Dow Chemical Company, 3M Company, Henkel and Ashland. Other prominent companies include Cryolife, Yparex B.V., Danimer Scientific LLC., Arkema, Ecosynthetix Inc. and Bioadhesive Alliance Inc.

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